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XAUUSD (GOLD) Long

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Looking at the daily chart , we can see that Gold has hit a 2016 support line around 1208 (which is also the Fibonacci 0.5 marker using the 1 year high and low). We can also see that a crab pattern has been completed, signalling a bullish reversal. A wedge is also in the early stages of being created, which supports the idea that there is likely to be an uptrend in the near future.

Looking at the RSI , Gold is looking undersold but with some small upwards movement. Uptrend's are also being shown on CCI .

I would look for this bullish rally to reach levels of 1304, which is a level that has been both support and resistance when we look back at Gold's history.

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